<p>I read on this board about a student getting a private student loan through Discover with a parent co-signer and getting a great rate of prime plus 1%, which is 4%. My dd and I applied for this loan on-line and were offered 7%. I thought I had a great credit score, so I called to see why I was given a much higher rate. The supervisor I talked to said she didn't know why the computer determined that rate. She also said that she saw a different credit score on Experian than what I thought I had. So, I got my credit score and full report. Experian says my score is in the top 2% of borrowers. I called back again to see if anyone is actually getting the lower rates they advertise on their web-site. The supervisor seems unable to tell me anything at all. I ask her if I want to get a better rate in the future, what can I do? She has nothing she can tell me.</p>
<p>I'm accustomed to a mortgage lender with a very transparent process, basically telling borrowers how to improve their credit. Discover will not tell me anything.</p>
<p>So, getting to the point here...
1) What are they looking at besides my credit score?
2) My dd is 18 and has no credit. Is that a factor?<br>
3) If we pay off our one credit card in full every month, and they ran the report 3 days before we paid for that cycle, would that be a factor?
4) What other private lenders can you recommend?</p>
<p>Thanks so much!</p>